Union Bank of India is planning to raise funds through issuance of Basel III compliant Tier II bonds in the nature of debentures aggregate issue size not exceeding Rs 1,000 crore, with a base issue size of up to Rs 500 crore and a Green Shoe option to retain oversubscription up to Rs 500 crore. The bonds of face value of Rs 10 lakh each, bearing a coupon of 7.18 percent per annum, will have maturity of 15 years.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
